Braemar Property Value Report: September-October (Arista Series)
It’s a gorgeous autumn day in Braemar. The sun is streaming through the trees, becoming more and more bare with each passing day. It’s one of those days where you may opt for air conditioning during the day, but will need the heat at night. The change from warm to cold doesn’t happen all at once.
The kind of change monitored here in the Braemar Property Value Report is changes in the real estate market. In this particular report, the focus in on the Arista Series homes in Braemar, which are the largest of the single family homes built by Brookfield Homes in our neighborhood. Their floor plans are the Allister, Buckingham and Canterbury.
Looking back at the last two months of Arista home sales, we find only one that closed between September and October. The details of that sale are found below:
Obviously, no trend can be determined by looking at one sale, or even a handful. That’s why I take this sale and combine it with the entire past twelve months of Arista home sales and pull out the six and twelve month average and median values. That’s where we find trends.
Looking first at the sold price column, we see that the six month average sold price has fallen ever so slightly below the twelve month average. Meanwhile, the six month median sold price is exactly the same as the twelve month median sold price. No increase by leaps and bounds in the Arista homes. Values are stable.
Seller subsidy is where we get to find out how much closing cost assistance sellers gave to buyers. The bad news for would-be Arista home sellers is that we see increases in both six month values over their respective twelve month values. That means, despite the most recent sale where no seller subsidy was given, Braemar Arista home sellers have been giving more closing cost help in the more recent sales as a whole.
Marketing time, marked above as days on market, shows very little change. The six month average marketing time is exactly the same as the twelve month marketing time. The six month median marketing time improved by one day from an already low six days in the twelve month median. Braemar Arista homes are selling quite quickly.
If you placed your Braemar Arista home on the market, priced to current conditions, you could expect it to be under contact in about two weeks, if not in under one week. You could also expect to give an average of 1% of the sales price, maybe less, in closing cost help.
The next Braemar Property Value Report will be out in January. Then, we’ll be able to see how we finished up the year. Despite popular opinion, the year end market is a very powerful one in which to list. If the time has come to sell, don’t feel you have to wait until spring. Get in touch with me for a free market analysis and discussion on what a year sale could mean for you. Since 2005, No One Knows Braemar Better!